These are pretty amazing statistics and after careful review; more hypocrisy!
The fact of the matter is that everyone has received a large tax cut in the Bush tax cuts and they should be made permanent. Tax cuts have always spurred market and economic growth and we're just coming out of a bull market run from 2002-2007 which saw the Dow increase 69%, NASDAQ increased 105% and S&P 500 up 71%, stats derived from CNBC.
For more information on taxes, tax rates and tax differences from 1913-2008 see link below. Please also note the taxes paid for each category during the Clinton administration and now under the Bush administration.
http://www.taxfoundation.org/blog/show/22958.html
| Individual Income Taxes Under Presidents Clinton and Bush, 1999 Law and 2008 Law | ||
| For taxpayers who take the standard deduction and have no children | ||
| Taxpayer | Tax under Clinton, 1999 tax law | Tax under Bush, 2008 tax law |
| Single, income of 30,000 | $3,157.50 | $2,756.25 |
| Single, income of 50,000 | $7,262.50 | $6,606.25 |
| Married, income of $50,000 | $5,085.00 | $4,012.50 |
| Married, income of $60,000 | $6,585.00 | $5,512.50 |
| Single, income of $75,000 | $14,262.50 | $12,856.25 |
| Married, income of $75,000 | $9,426.50 | $7,762.50 |
| Single, income of $125,000* | $29,378.50 | $26,472.25 |
| Married, income of $125,000* | $23,426.50 | $19,462.50 |
| *This chart does not take into account the Alternative Minimum Tax | ||
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Owen Zweiback PA, GRI, Realtor, E-Pro
Coldwell Banker Florida
23421 Walden Center Drive
Bonita Springs, Florida 34134
www.floridamoves.com/owen.zweiback www.coldwellbanker.com/for/owen.zweiback
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